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Wait for a resell from the upper trendline towards 102.480.

Wait for a resell from the upper trendline towards 102.480. | 22 January 2021

22 January 2021, USD/JPY

Wait for a resell from the upper trendline towards 102.480.

Wave Analysis

The US Dollar continues to rally to the lowerside despite the previous forecast that this pair could continue to the upperside. As long as the price remains below the upper trendline, we are waiting for a rebound from the upper trendline to pick a low risk sell position with an ultimate target set at 102.480. If the price breaks and closes below the level 102.480, then we will be expecting further momentum to the lowerside. If the price breaks and closes above the upper trendline, then a move to the upperside is expected.

Trade Recommendations:

Wait for a resell from the upper trendline towards 102.480.

Bob Stan
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